The total transactions completed by Kuwait Finance House’s (KFH) customers through KFHOnline on the website or the mobile app was more than 113 million transactions in 9 months, from January until September of this year 2021, with a growth rate of 26% compared to same period last year.

The e-banking transactions included: opening bank account for new customers and request  personal fianancing using E-signature through MYID App, instant debit card issuance using QR code, local and international transfers, opening deposits, adding beneficiaries, balance inquiry, cheque book request and cheque deposit, opening KFH gold account, conducting gold transactions (purchase, sell and trade), create saving plan, requesting finance, opening accounts, applying for Prepaid cards, paying finance installments, KFH Pay service and other digital services.

Acting Group Chief Retail and private Banking officer at KFH, Khaled Yousif Alshamlan, said that these figures of online usage and growth rate reflect the efficiency of KFH digital solutions and the KFHOnline services.

“This also reiterates the bank`s leadership in providing high-end mobile banking services that enable customers to complete their banking transactions anywhere 24/7,” he added, stressing the importance of keeping pace with technological advancement to meet the requirements of different customer segments, especially the millennials, who were born during a period of fast-paced digital growth, and are known to be tech-savvy customers.

Alshamlan demonstrated a wide range of services provided by KFH, including: the service of applying for personal finance and onboarding new customers by using e-signature through MYID App, the instant transfer service to "KFH Turkey" using the RippleNet network, and the "digital wallets" service via mobile phones and smart watches that provide the latest smart digital payment methods with the highest advanced security standards in collaboration with Garmin, Fitbit and Samsung.

He referred to KFH's efforts to enhance the technological partnership with fintech companies to introduce innovative digital services.

KFH Go Branches

Alshamlan stressed the importance of interactive software and self-service platforms such as: XTM machines, and KFH Go branches,  which are 10 Digital branches located in different places in Kuwait, including Kuwait International Airport, allow customers to conduct a variety of interactive banking services, including : Creating “Murabaha” commercial transactions, ordering credit and prepaid cards, updating data and phone number, activating bank cards, opening deposits and accounts, instant checkbook printing, instant printing of bank cards without pre-ordering, receiving gold biscuits (10 grams) and opening an account (gold, savings, Al-Rabeh, automated service),  buying and selling gold, withdrawing cash without a card via the mobile through QR code, civil ID or phone number, and many other financial and banking services.

Alshamlan said that KFH is keen to continue investing heavily in technology and offering innovative financial solutions, stressing the importance of moving forward with process automation efforts by employing artificial intelligence and collaborating with fintech companies, to stay ahead of competitors and meet the aspirations of all customer segments while enhanceing their banking experience.